Nasdaq agrees to buy Treasurys-trading platform eSpeed | Moody's might downgrade banks' ratings, JPMorgan says | Private-equity firms' holdings of unsold companies increase
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April 2, 2013
NYSSA SmartBrief
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Goldman creates investment company
Goldman Sachs Group said in a filing with the Securities and Exchange Commission that it has launched an investment company, Goldman Sachs Liberty Harbor Capital. The firm will invest in high-risk debt, and shares will be offered "as soon as practicable after the effective date of this registration statement." Goldman does not expect Liberty Harbor to fall under the Volcker rule. Reuters (4/1), Financial Times (tiered subscription model) (4/2), The Wall Street Journal (4/1)
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Industry Update
Nasdaq agrees to buy Treasurys-trading platform eSpeed
Nasdaq OMX Group plans to buy BGC Partners' eSpeed, a platform that trades U.S. Treasurys electronically, for about $750 million in cash. However, the deal could swell to $1.23 billion because of common shares Nasdaq will issue in connection with the transaction. The acquisition gives Nasdaq a toehold in fixed income. Bloomberg (4/1), Reuters (4/1), MarketWatch (4/2), The Wall Street Journal/Dow Jones Newswires (4/1)
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Moody's might downgrade banks' ratings, JPMorgan says
A JPMorgan Chase report suggests that Moody's Investors Service might downgrade major banks' credit ratings as it revises the likelihood of systematically important financial institutions receiving taxpayer funds in future crises. "Our base case assumes that Moody's will remove some of the support from all or some of the holding companies under review, but will not completely remove the ratings uplift from support across the board," the report says. Bloomberg (4/1)
Private-equity firms' holdings of unsold companies increase
Unsold portfolio companies account for 69% of private-equity funds' assets under management, according to researcher PitchBook Data. The funds are carrying on their books an estimated 6,500 unsold portfolio companies, the most since PitchBook began gathering such data in 2004. Pensions & Investments (free access for SmartBrief readers) (4/1)
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IPOs increasingly price at high end of expected range
Investors' demand for stocks is starting to bring life to the market for initial public offerings. Documents filed with the Securities and Exchange Commission show that in the first quarter, 36% of all IPOs in the U.S. priced above the range stated in their securities filings. The Wall Street Journal (4/1)
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Expected profits for Fannie, Freddie may affect housing reform
Fannie Mae and Freddie Mac are expected to show a profit this week when they announce earnings from the last quarter of 2012, further complicating the process of reforming the housing market. "The good news is they're actually starting to make money again," said Sen. Mark Warner, D-Va. "Bad news is if they make too much money, there may be a sense of, 'Well, let's not mess with them anymore.' We need housing-finance reform." Bloomberg (4/1)
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New York Focus
Brokers: Real estate prices point to sellers' market in Manhattan
Real estate prices are rising and inventories are dwindling in Manhattan, suggesting that it may soon be a sellers' market, brokers say. During the first three months of the year, the number of apartments for sale in Manhattan posted their biggest year-on-year decline in 12 years. The New York Times (tiered subscription model) (4/1)
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Career Development
Why good bosses don't let their teams dwell on problems
The best bosses think of themselves as a "chief ironing officer," tasked with smoothing out wrinkles that might otherwise stop their workers from achieving their potential, says QuestBack co-founder Ivar Kroghrud. "If you want to get extraordinary results, you have to play to people's strengths and you have to help them work as close to plan as possible," he says. The New York Times (tiered subscription model) (3/30)
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People & Personalities
Krawcheck reflects on her time on Wall Street
Sallie Krawcheck has held senior positions at Citigroup, Bank of America and Sanford C. Bernstein & Co. But like a handful of other high-level female financial professionals, Krawcheck found herself without a job in the midst of the global financial crisis. Krawcheck discusses how the crisis has been a setback to the presence of women in the financial industry. The New York Times (tiered subscription model)/DealBook blog (4/1)
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Financial Products
Aston and Munder launch emerging-market mutual fund
Aston Asset Management and Lee Munder Capital Group have introduced a mutual fund investing in emerging-market equities. The ASTON/LMCG Emerging Markets Fund focuses on companies in eastern and southern Europe, Latin America, the Middle East, Africa and Asia. The basic objective is long-term capital appreciation. (4/1)
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Featured Press Releases
That which grows fast, withers as rapidly. That which grows slowly, endures."
-- Josiah Gilbert Holland,
American writer and poet
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